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Angola preparing to be the 157th New York Convention contracting state

The Republic of Angola, one of the top 5 Foreign Direct Investment recipients in Africa, is gearing up to become the 157th New York Convention contracting state.

The official website of the New York Convention has indicated that in a resolution passed by the National Assembly (Resolution No. 38/2016) and published in the State’s Official Gazette on August 12, Angola is currently in the process of becoming the 157th Contracting State to the New York Convention. However, the ratification is not yet completed, therefore, Angola has not formally acceded to the New York Convention.

The National Assembly held its last session on August, and the next session starts on October 15 and will last until August 2017. The ratification of the convention is expected to be held during that session.

Under Article XII(2) of the New York Convention, the ratification will take effect on the 90th day after deposit by Angola of its instrument of ratification with the Secretary-General of the United Nations.

Source: iarbafrica